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October 18, 2016

The increase of property prices in Spain

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The price of second-hand real estate in Spain registered an increase of 0.9% during the third quarter of this year, which means that the price currently is about 1,636 euros per m2, according to the latest housing prices index of portal Fotocasa. Therefore, it continues the trend that begun in the previous quarters, i.e., the price of second-hand housing in Spain experienced positive or negative slight changes.

At the same time, the increase of 0.9% is the second largest figure recorded over the last nine years. It was surpassed only by the index in the second quarter of 2015, when property prices in Spain rose by 1.1%.

According to annual statistics, the cost of resale real estate in Spain fell by 0.6%. In general, it should be noted that the annual price indices show a chaotic behavior in the last year with slight increases or insignificant decreases.

The cost of housing in Spain reached its historical peak in April 2007, with the value at about 2,952 euros per m2, and since then the overall decrease has been equal to 44.9%. In addition, communities that have suffered the "bubble" in the property market in Spain have been La Rioja, down 57.5%; Castilla-La Mancha (53.5%), Navarra (53%), Aragon (52.6%) and Murcia (50.5%).

According to statistics by the Spanish regions, eleven of them have a positive quarterly change compared to June 2016. The Canary Islands, for example, recorded the highest growth, with a rate of 1%. They are followed by the regions of Andalusia and Valencia, with 0.8% each, and Madrid, with an increase of 0.7%.

From the point of view of the average price, Basque Country (2,735 euros / m2), Madrid (2,260 euros / m2) and Catalonia (2,021 euros / m2) occupy the top positions in the ranking in September 2016 as the most expensive Spanish autonomies for the purchase of second-hand homes. By contrast, Castilla-La Mancha (1,044 euros / m2), Extremadura (1,104 euros / m2) and Murcia (1,140 euros / m2) are autonomous regions with more affordable to purchase second-hand property prices in Spain.

As for the big cities like Madrid and Barcelona, ​​in September 2016 the growth in property prices in most neighborhoods was recorded here. In the case of Barcelona, ​​in the third quarter of 2016 real estate prices increased in all areas of the city. The greatest growth occurred in the district of Sant Martí (5.9%), followed by the Old Town (Ciutat Vella) (3.6%), Eixample (3.3%) and Horta-Guinardó (3%) .

"In recent months we have recorded price increases of up to 10% in some areas of the city of Barcelona. Therefore, in some districts of Barcelona, ​​such as Les Corts, now buy a house or apartment is more expensive than in the Salamanca district of Madrid. The increase in demand for flats and apartments in Barcelona, ​​due to the low supply of existing residential real estate in the city, leads to increases of prices, even in some neighborhoods that are situated far from the center like Sant Martí or the area of ​​Horta-Guinardó. Therefore, we can say that prices of residential properties in Barcelona start to return to normality after several years of declines,"- explains the head of the research department of Fotocasa portal.

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